Argentina had a currency pegged against the dollar, with too much of its currency in circulation and while issuing too much debt. Its currency peg was unsustainable. The Wikipedia article says, "But Argentina had international debts to pay, and it needed to keep borrowing money. The fixed exchange rate made imports cheap, producing a constant flight of dollars away from the country and a progressive loss of Argentina's industrial infrasctucture, which led to an increase in unemployment."

Of course, this reminds us of how the U.S. dollar has been overvalued compared to the Japanese Yen and the Chinese Yuan in the last several years. Just as in Argentina, we have had a loss of industrial infrastructure and employment. In fact, this is continuing right now and has been a source of domestic discontent.

...

Since it is believed that the chief cause of the Argentine debt crisis was its high public and external debt, let us consider America's public and external debt. America currently has debt of about $10.6 trillion and a GDP of $14 trillion. That puts our public debt to GDP ratio at 76%.

At the time of the Argentine debt crisis, Argentina had a debt to GDP ratio of about 65%.